Myanmar’s central bank is seeking to shun Bitcoin as cryptocurrency adoption grows at a fast pace, concerned about how it might negatively affect the existing banking system, according to a report 20 May in Bitcoin Exchange Guide.
Bitcoin seems like a liability according to the Central Bank of Myanmar as opposed to the opportunity people think it actually is. Earlier in the month, the central bank declared that it doesn’t acknowledge Bitcoin as a form of payment and that it will not allow any licensed financial organizations in the country to accept bitcoin as a form of payment either.
These same rules will also be applied on any other cryptocurrencies that have similar characteristics to Bitcoin.
Bitcoin has been growing in popularity in Myanmar and adverts have been increasing.
Myanmar’s central bank fears too much capital may shift to an economy it has no control over, according to the report.